Sensex, Nifty open marginally higher ahead of key GST meet

Mumbai, Sep 2 (IANS) The Indian benchmark indices opened marginally higher on Tuesday as investors are keen on the two-day GST Council meeting this week, where a major rate overhaul is expected.

As of 9.26 am, the Sensex inched up 90 points or 0.11 per cent to 80,454, while the Nifty 50 moved 15 points up or 0.06 per cent to 24,640.

The broadcap indices, Nifty Midcap 100 advanced by 0.31 per cent, and the Nifty Smallcap 100 inched up 0.10 per cent.

Among sectoral indices, the Nifty media was the top gainer, rising 0.82 per cent, followed by Nifty Oil & Gas, which gained 0.34 per cent each. Nifty FMCG advanced 0.20 per cent. All other indices were in red, with Nifty IT losing 0.42 per cent.

In the Nifty pack, top gainers included Eternal and Bajaj Finance, which gained 1.1 per cent and 0.7 per cent, respectively. Meanwhile, the top laggards were Asian Paints, Dr Reddys Labs, Hindalco, Maruti Suzuki and Axis Bank.

Analysts noted that on the daily chart, Nifty formed a morning star candlestick pattern, signalling a potential reversal.

"The index is currently trading above its long-term EMA while approaching its short-term and medium-term EMAs. The immediate support is placed at 24,400, followed by 24,000. On the upside, resistance is seen at 24,700, followed by the 24,800–25,000 zone," said Mandar Bhojane from Choice Broking.

Asia-Pacific markets traded mixed as investors assessed the Shanghai Cooperation Organisation (SCO) meeting of leaders in Tianjin, China, with tariff uncertainty weighing on sentiment.

US President Donald Trump reacted to the summit, calling trade ties with India “a totally one-sided disaster."

China's Shanghai index slipped 0.59 per cent, and Shenzhen dipped 1.6 per cent. Japan's Nikkei was up 0.25 per cent, while Hong Kong's Hang Seng Index dipped 0.19 per cent. South Korea's Kospi inched up 0.72 per cent.

The US markets were closed on Monday. The markets had ended in the red zone on Friday, as the Dow Jones Industrial Average slipped by 0.2 per cent, while the Nasdaq declined by 1.15 per cent and the S&P 500 lost 0.64 per cent.

On Monday, foreign investors net sold Rs 1,430 crore worth of Indian equities, while domestic institutional investors (DIIs) net bought shares worth Rs 4,345 crore, according to provisional exchange data.

--IANS

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